First of all let’s find out what is bad credit ?Bad credit reflects a low credit score that refers to a person’s poor history of paying their bills on time and the likelihood that they will fail to make timely payments in the future. So, if you have a bad credit you will find it difficult to take a loan, especially on a competitive interest rate.
Fortunately there are some credit cards that are designed to rebuild your credit.
Leumi Card Ltd.
Max (formerly Leumi Card Ltd.) is a leading credit card issuer and acquirer based in Israel. It is the largest non-banking financial institution in Israel. They had launched a new “Leumi Free” credit card which does not charge regular commissions.
Max officials explain that other credit card holders pay an average of NIS 13 a month for various commissions. Also, many credit card holders are also charged hundreds of shekels a year because they do not meet the requirements for membership fee exemption. Moreover, Leumi International card holders who do not execute a minimum of six transactions per month are charged a membership fee of NIS 436 a year. A Leumi “Free card” holder will not be under an obligation for minimal activity.
Cal Ltd.
Cal Ltd. is a leading company in the field of payments and non-bank credit. Cal issues some of the world’s biggest credit brands such as, Visa, MasterCard and Diners Club. Cal offers its clients a variety of advanced financial solutions, having a client-geared corporate infrastructure.
Cal promote a Variety of Consumer Loyalty Programs including:
– Shufersal – a card offering benefits, sign-up bonus and fixed discounts on products in the Shufersal and Be chains.
– FLY CARD – where every purchase offers frequent-flyer points with El-Al.
– PowerCard – offers benefits for any purchase made in Home Center, Beitili, Mega Sport, Zer4u, ToysRUs, and more.
– Family365 – a joint club for Cal, ‘Club 365’ and ‘Yinot Bitan’, which provides benefits and refunds for every purchase at Yinot Bitan, and stores which form part of the Club 365 collective.
– Miles & More – Automatic accumulation of frequent-flyer miles in Lufthansa and its code-sharers. In addition, Cal set up loyalty programs suited to every customer’s lifestyle: Hitech Zone, the Armed Forces Club, the Police Officers’ Funds club, Yoter Club, Yahad Club, etc.
American Express®
Blue from American Express is available for people with low credit scores. According to their policy with every $1 in spending they rewards cardholders with 1 point. These points can be redeemed for Amazon purchases, airfare or Uber,statement credits. Another impressive feature is that it doesn’t charge an annual fee,so you can keep it forever. This card can get you a free ShopRunner membership as well.
Capital One®
Managing one’s credit score is a crucial part of financial life. Capital one is loaded with great opportunities to enhance your credit score with a $0 annual fee. They don’t offer any signup rewards but if you are looking for a good credit score you can get it later. The card offers the prospect of a higher credit line after making your first five monthly payments on time. As you’re building credit, having a higher credit limit can help your credit utilization rate (your balance divided by your credit limit). The lower the utilization rate, the better.
Capital one doesn’t charge a foreign transaction fee. And since it’s a Mastercard, you wouldn’t have trouble finding merchants that accept it while abroad.
The Discover it® Secured Card
Discover will double all the cash back you earn during your first year. The Discover it® Secured Card offers 2% cash back at gas stations and restaurants on up to $1,000 spent in combined purchases each quarter. And not just that you’ll get 1% back on all other purchases.
The card requires a security deposit of at least $200, Discover may refund your deposit after you’ve had the card for as little as eight months.The card doesn’t charge an annual fee, and also doesn’t have a foreign transaction fee. That said, Discover isn’t accepted everywhere, so it’s a good idea to have a backup payment method if you take it abroad.
Lastly when it comes to credit cards Israeli credit cards are totally different from US credit cards. Your credit score is a record of your past credit and financial behavior.Credit card balances are debited automatically from your checking account, so missing a payment is more difficult. Lenders can take money out of your account much easier in Israel, so you need to make sure you’re diligent with your payments.You need to have a clear picture of your current financial situation in Israel.
[1] “American Express Cards for Bad Credit.” The Ascent.
[2] Anshel, Oded Carmeliyesterday, Yossi Verteryesterday, Ofer Aderetyesterday, Josh Breiner18, Adrian Hennigan22, Allison Kaplan Sommeryesterday, Amos Harel19, Ofri Ilanyyesterday, Danielle Ziriyesterday, and Allison Kaplan. “Leumi Card Launches a No-commission Credit Card.” Haaretz.com. January 13, 2018.
[3] “Best Credit Cards for Bad Credit 2020: Credit Karma.” Best Credit Cards for Bad Credit 2020 | Credit Karma.
[4] “Cal – Israel Credit Cards.” BDI.
[5] Steele, Jason. “The Best Credit Cards For a Trip to Israel in 2020.” MyBankTracker. January 15, 2020.
